EUR/USD grinds higher past 1.0700 as traders brace for EU Q4 GDP, US inflation – by anilpanchal7 EURUSD GDP Inflation ECB Fed
, as well as the broad Euro gains ahead of the key statistics from the Eurozone and the US.
On Monday, the European Commission released its quarterly economic projections for the Eurozone wherein it revised up the economic growth to 0.9% for 2023 from 0.3% previously expected, projecting 2024 growth unchanged at 1.5%. The EC, however, lowered the Eurozone inflation forecast for 2023 to 5.6% YoY from 6.1% earlier expected. Further, the EC also cut 2024 inflation predictions to 2.5% for 2024, versus 2.6% previously anticipated.
Further, European Central Bank Vice-President Luis de Guindos said on Monday, “Rate increases beyond March are to depend on data.” On the same line, ECB policymaker Mario Centeno said, “Inflation is going down faster than we expected,” while adding that smaller hikes would need mid-term inflation nearing 2%.
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